REAL ESTATE ENTERS ITS BUSIEST TIME
Balanced market favours detached single-family homes, central areas
May was a busy month for real estate transactions in the Edmonton area.
According to the Realtors Association of Edmonton, total residential unit sales were up 25.37 per cent month-over-month in May, although they were down 2.78 per cent compared to May 2016. Overall, relative to this period of time last year, year-to-date sales figures are up 38.19 per cent month-over-month and 2.70 per cent year-over-year.
“We are in the middle of our busiest season for real estate,” says James Mabey, chair of the Realtors Association of Edmonton. “More sellers are entering the market and are motivated to move their properties before the summer months, which provides the best selection of properties for buyers who are actively looking and taking advantage of the increased number of listings typical for this time of year.”
While volume was strong, standalone home prices continued to remain stable in May, with a slight decrease across other housing categories. The average price for single-family homes was $440,907 in May, increasing 0.33 per cent from April and inching up 0.26 per cent relative to May 2016.
“The detached single-family market is strong with four months of inventory,” said Edmontonbased realtor Jeremy Amyotte in response to the figures. “Though some areas aren’t doing as well as others, it’s a balanced market with a slight advantage to sellers. Communities that are selling well include central areas. Much of the sale increase is thanks to the lot rule changes with the city’s effort to increase density in our core. ”
The condominium average price was $250,818 during May, a decrease of 2.69 per cent compared to April and down 0.67 per cent year-over-year. The price of duplexes/row houses also decreased in May, with an average price of $344,406. That figure represented a 3.75 per cent decline from April and was 1.52 per cent lower than May 2016.
“Highrise and low-rise condos on the resale market currently sit at 8.6 months of inventory,” Amyotte said. “Expect sellers to continue competing for their buyers, with prices continuing a downward trend. The numbers do not include new construction outside of MLS, which will add to inventory levels. The duplex/row house market is strong with 4.43 months of inventory. Expect prices to stay balanced.”
Inventory continued to increase during May, up 10.16 per cent over April and 4.33 per cent year-overyear. New listings increased 16.21 per cent relative to April, and increased 15.09 per cent compared to May 2016.
Average days on market remained stable, decreasing slightly for most categories. The average for single-family homes was 48 days on market, identical to April, and down marginally from 51 average days in May 2016. Condominiums increased to 62 days on market from 60 days in April. Average days on market for duplexes and row houses decreased to 61 days, compared to 64 days in April, and increased compared to 59 days in May 2016.